XML 144 R16.htm IDEA: XBRL DOCUMENT
v3.24.1

Leases | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases [Abstract] |
LEASES | NOTE 7:- LEASES The Company’s operating leases are for mining sites and finance leases which are primarily related plant and equipment. The Company leases 6-acres of land in Midland Pennsylvania which began in October 2021 for thirty-six months with the option to exercise four additional three-year extensions. Effective May 24, 2023, Mawson Bellefonte LLC entered into a lease agreement for a 9,918 square foot developed mining facility in Bellefonte, PA. The term of the lease is for two years and seven months, with an option to extend for five years. On March 16, 2022, Luna Squares Property LLC entered into a lease with respect to a property in the City of Sharon, Mercer County, Pennsylvania with Vertua Property, Inc. The term of the lease is for 5 years, with 2 options to extend for 5 years each. On February 2, 2024 the Sharon lease was terminated and as of March 2024 the Company has moved completely out of the facility. Effective May 1, 2023, Mawson Ohio LLC took an assignment of a lease agreement for approximately 64,600 square feet for an undeveloped site in Corning, Ohio. The term of the lease is for four years, with an option to extend for five years. Other than the foregoing leases, the Company does not lease any other material assets. The Company believes that these facilities are suitable and adequate for its operations as currently conducted and as currently foreseen. In the event additional facilities are required, the Company believes that it could obtain such facilities at a commercially reasonable rate. The Company’s lease costs recognized in the consolidated statements of operations and comprehensive loss consist of the following:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Operating lease charges (1) |  | $ | 1,698,383 |  |  | $ | 1,608,095 |
Finance lease charges: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  | 32,574 |  |  |  | 28,662 |
Interest on lease obligations |  |  | 7,474 |  |  |  | 8,507 |
(1) | Included in Selling, General & Administrative Expenses.
The following is a schedule of the Company’s lease liabilities by contractual maturity as of December 31, 2023:
|  | Operating leases |  |  | Finance Leases |
2024 |  | $ | 1,569,549 |  |  | $ | 38,176 |
2025 |  |  | 599,356 |  |  |  | 38,176 |
2026 |  |  | 443,183 |  |  |  | 15,016 |
2027 |  |  | 72,652 |  |  |  | - |
Total undiscounted lease obligations |  |  | 2,684,740 |  |  |  | 91,368 |
Less: imputed interest |  |  | (252,214 | ) |  |  | (8,145 | )
Total present value of lease liabilities |  |  | 2,432,526 |  |  |  | 83,223 |
Less: current portion of lease liabilities |  |  | 1,416,310 |  |  |  | 33,059 |
Non-current lease liabilities |  | $ | 1,016,216 |  |  | $ | 50,164 |
Other lease information as of December 31, 2023:
|  | Operating leases |  |  | Finance Leases |
Operating cash out flows from leases |  | $ | 1,585,095 |  |  | $ | 38,176 |
Weighted-average remaining lease term (years) |  |  | 2.18 |  |  |  | 2.40 |
Weighted-average discount rate (%) |  |  | 9.1 | % |  |  | 7.5 | %

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration